If you are interested in Omgzlook, you can first free download part of Omgzlook's CPA certification AA Torrent exam exercises and answers on the Internet as a try. CPA AA Torrent authentication certificate is the dream IT certificate of many people. CPA certification AA Torrent exam is a examination to test the examinees' IT professional knowledge and experience, which need to master abundant IT knowledge and experience to pass. Our AA Torrent study materials are compiled and tested by our expert. AA Torrent try hard to makes AA Torrent exam preparation easy with its several quality features. Omgzlook's targeted test practice questions and answers to gave them great help, which save their valuable time and energy, and allow them to easily and smoothly pass their first CPA certification AA Torrent exam.
Certified Public Accountant AA You can experience it in advance.
In order to meet the request of current real test, the technology team of research on Omgzlook CPA AA - Audit & Insurance Torrent exam materials is always update the questions and answers in time. Once you have checked our demo, you will find the study materials we provide are what you want most. Our target is to reduce your pressure and improve your learning efficiency from preparing for AA Valid Test Sims exam.
Omgzlook can escort you to pass the IT exam. Training materials of Omgzlook are currently the most popular materials on the internet. AA Torrent Exam is a milestone in your career.
CPA AA Torrent - Our strength will make you incredible.
The secret that Omgzlook helps many candidates pass AA Torrent exam is CPA exam questions attentively studied by our professional IT team for years, and the detailed answer analysis. We constantly updated the AA Torrent exam materials at the same time with the exam update. We try our best to ensure 100% pass rate for you.
The opportunity always belongs to a person who has the preparation. But, when opportunities arise, will you seize the opportunities successfully? At present, you are preparing for CPA AA Torrent test.
AA PDF DEMO:
QUESTION NO: 1
An auditor performs an analytical review by comparing the gross margins of various divisional operations with those of other divisions and with the individual division's performance in previous years. The auditor notes a significant increase in the gross margin at one division. The auditor does the preliminary investigation and notes that there were no changes in products, production methods, or divisional management during the year.
Based on the above information, the most likely cause of the increase in gross margin would be
A. An increase in the number of competitors selling similar products.
B. A decrease in the number of suppliers of the material used in manufacturing the product.
C. An overstatement of year-end inventory.
D. An understatement of year-end accounts receivable.
Answer: C
QUESTION NO: 2
John has been given the following draft figures for Kulran Ltd for the year ended 30 June 2011 to analyse. Materiality has been set at $35,000 and the finance director has told John in a planning meeting that there have been few changes in the year. Budgets were set at 2010 levels and there have been no major movements in non-current assets.
20112010
$$
Revenue3,497,2843,487,286
Cost of sales1,867,2942,008,967
Salaries467,900420,975
Which of the following is normally designed to detect possible material monetary errors in the above figures of financial statements?
A. Test of control
B. Walk-through test
C. Analytical procedure
D. Observation of a procedure
Answer: C
QUESTION NO: 3
Internal auditors must exercise due care if they are to meet their responsibilities for fraud detection. Thus, the existence of certain conditions should raise auditor's professional scepticism concerning possible fraud. Which of the following is most likely to be considered as an indication of possible fraud?
A. A new management team installed as the result of a takeover.
B. Rapid turnover of financial executives.
C. Rapid expansion into new markets.
D. Tax authorities' audit of tax returns.
Answer: B
QUESTION NO: 4
When questions arise on the appropriateness of the going concern assumption made by management and the existence of material misstatements which was not adequately disclosed in the financial statements would lead to auditor's-
A. Qualified opinion
B. Unmodified opinion
C. Disclaimer of opinion
D. Unmodified opinion (but have to include an emphasis of matter paragraph in the auditor's report)
Answer: A
QUESTION NO: 5
The internal auditing department has been assigned to perform an audit of a division. Based on background review, the auditor knows the following about management policies:
Company policy is to rapidly promote divisional managers who show significant success. Thus, successful managers rarely stay at a division for more than three years.
A significant portion of division management's compensation comes in the form of bonuses based on the division's profitability.
The division was identified by senior management as a turnaround opportunity. The division is growing, but is not scheduled for a full audit by the external auditors this year. The division has been growing about 7% per year for the past three years and uses a standard cost system.
During the preliminary review, the auditor notes the following changes in financial data compared to the prior year:
Sales have increased by 10%.
Cost of goods sold has increased by 2%.
Inventory has increased by 15%.
Divisional net income has increased by 8%.
Assume the auditor found that there was a plan to overstate inventory and therefore increase reported profits for the division. If reported correctly, the division would not have shown an increase in net income. The auditor has substantial evidence that the divisional manager was aware of and approved the plan to overstate inventory. There is also some evidence that the manager may have been responsible for the implementation of the plan.
The appropriate audit action would be to
A. Continue to conduct interviews with subordinates until a clear-cut case is made and then report the case to the audit committee.
B. Inform management and the audit committee of the findings and discuss proper follow-up action and/or further investigation with them.
C. Inform the divisional manager of the audit suspicions and obtain the manager's explanation of the findings before pursuing the matter further.
D. Document the case thoroughly and report the suspicions to the external auditor for further review and external reporting.
Answer: B
Besides, the detailed answers analysis provided by our professionals will make you be more confidence to pass Oracle 1z0-1123-24 exam. CPA ACFE CFE exam is very popular in IT field. If you want to know our Microsoft AZ-900 test questions materials, you can download our free demo now. SAP C-THR89-2405 - Within a year, only if you would like to update the materials you have, you will get the newer version. Excellent CPA SailPoint IdentityIQ-Engineer study guide make candidates have clear studying direction to prepare for your test high efficiently without wasting too much extra time and energy.
Updated: May 26, 2022